Stanbic Bank Uganda has improved its credit processing efficiency, allowing applicants to obtain credit within 24 hours, while launching a new lending campaign dubbed “Oli Sorted.”
This was revealed by Aaron Akampa, the Head of Enterprise Banking at Stanbic Bank, during the event on Tuesday, January 30, 2024.
According to Akampa, the campaign aims to make it easier for Ugandans to obtain affordable credit to meet their personal and business needs. He encouraged small and medium enterprise owners to apply for SME business loans.
“We are also saying that small and medium enterprise (SME) owners can apply for SME business loans of up to Shs200 million for six months with interest rates starting at 20% p.a. under the Stanbic Enterprise category, accessible within 48 hours after a successful application,” he said.
According to Akampa, school owners can apply for up to Shs3 billion for a 5-year school development loan, or Shs500 million under the Unsecured Bridge Financing Solution, to help them cover expenses for basic supplies and utilities needed to start the new term.
Israel Arinaitwe, Head of Personal Banking, said that following a quarter of high spending, individuals and businesses require cash in the first quarter to finance their year’s plans.
“We acknowledge that the new academic year is opening, and we know what that means for parents, schools, and businesses linked to the education ecosystem. In a market where interest rates can be as high as 25 percent, Stanbic is offering Ugandans the opportunity to borrow up to Shs200 million at as low as 15 percent per annum or 1.3 per month, at no arrangement fees,” Arinaitwe said.
Arinaitwe stated that the ‘Oli Sorted’ campaign will allow women-owned businesses and schools to borrow at a special interest rate of 15.5% to address gender parity concerns, which frequently affect women’s equitable access to financing and opportunities.
According to the bank, schools that receive a construction loan of over a billion shillings or an unsecured school loan of over Shs100 million will automatically qualify for a fire insurance cover of up to Shs45 million, with free additional cover for theft and burglary worth Shs5 million and up to Shs5 million for all declared assets to be covered.
The ‘Oli Sorted’ campaign will run until the end of March 2024.
